Releasing over the next few months the update should bring some new core functionality and support newer builds of Google Chrome. The update will also allow OEMs to build updates for Google TV devices in a much faster time span then before. LG have confirmed that their Google TV products will be updating in Q3 of this year. Additionally the update will allow for better game and 3D app support, hardware contention and stability fixes.
Lastly the update will also bring the Android Native Development Kit (NDK) to Google TV which is a good thing for developers.
Google first launched the Google TV platform in 2010 with support from Sony and Logitech. Since then a second generation of Google TV products launched from the likes of LG and Samsung. Google TV offers a Smart TV platform in which users can browse the web, watch shows from Netflix and HULU, as well as experience a vast amount of apps available within the Play Store.